RRP = reverse repurchase agreement operation
Basically, what this means is that banks and other institutions (as well as family offices? aka just people with lots of money?) can use this mechanism to get 3.8% back, for parking cash overnight. The rate that this facility offers reflects the FED rate, so each FED rate hike increases the RRP rate.
This effectively exempts participating institutions and business entities from bearing the cost of inflation.
It also appears that mainstream media has not been authorized to discuss this matter in detail.
I have a lot of learn in the financial sector. This detail has barely made it on my radar.